A Sustainable Business Approach
We are a substantial shipping business that draws on and impacts the resources and relationships we rely on to create and
protect value. These are called our "Capitals".
As a large player in our sector with an ambitious vision for the future, we recognise our responsibilities to these Capitals
which have a bearing on the long-term sustainability of our business. We believe that many of the responsible actions we
take – our commitment to Corporate Social Responsibility (CSR) – make us competitively stronger and enhance our financial
performance, our reputation and the future value of our business.
These responsibilities and relationships are components of the key material matters we focus on to deliver our strategic
objectives. Our active approach to CSR is therefore rooted in our culture and, governed by our policies and systems,
integrated into our daily business behaviour and operating practices.
Our Resources in Action
Our Focus Areas
Our CSR initiatives are guided by broad strategic objectives that relate to:
Workplace and operating practices
drawing mainly on human capital which includes the skills, experience, behaviour
and loyalty of our staff that we reward and enhance with fair remuneration and a
commitment to health and safety, development and training, equal opportunity and
a comfortable and fulfilling workplace.
drawing mainly on natural capital, predominantly through our fleet’s consumption of
fuel and other inputs and the resulting impacts of emissions on the atmosphere and
drawing mainly on social and relationship capital which is the mutually beneficial partnership we strive to maintain with
our customers, suppliers and other stakeholders in our communities, while recognising their rights and needs and always
demonstrating responsible business practice.
These responsibilities are core to our culture, strategy and long-term vision, and it is our spirit and culture that turn
sustainability efforts into reality and make a difference both within and outside of our organisation.
The Board is responsible among other things for the
development of our long-term corporate strategies and broad
policies. In setting our standards, it considers the needs
and requirements of the business, its stakeholders and the
Corporate Governance Code and ESG Reporting Guide
encompassed in the Stock Exchange’s Rules Governing the
Listing of Securities on The Stock Exchange.
As such, the Board has overall responsibility for, and is
engaged in, our CSR strategy and reporting, including
evaluating and determining CSR-related risks, and ensuring
appropriate and effective CSR risk management and
internal control systems are in place. Management provides
confirmation to the Board of the effectiveness of these
The Board delegates to the Audit Committee (comprising
all six Independent Non-executive Directors) more specific
responsibility for reviewing the effectiveness of the Group’s
internal control and risk management systems, and
reviewing the work of the Risk Management Committee.
In turn, our Risk Management Committee (comprising our
CEO, CFO, Company Secretary, and Risk and Internal Audit
Manager), reporting to the Audit Committee, is responsible
for assessing and enhancing the Group’s risk management,
as well as CSR and corporate governance policies,
strategies and performance.
The Chief Executive Officer is delegated responsibility by
the Board for executing our corporate sustainability strategy
and initiatives. In turn, his direct reports across the Group
have functional responsibility for sustainable business
practice in specific areas, most notably our Chief Technical
Officer (until his retirement in April 2017), our Fleet Director
and the senior managers of our Fleet & Newbuildings
division (covering technical operations, fleet personnel
and risk, safety & security) and our Human Resources and
Key Material Matters
We assess all the matters that are material to the long-term
success of Pacific Basin and the sustainable growth of
our business and operations. This exercise – an analysis
of opportunities and risks and how to balance them –
also assists us in developing and achieving our strategic
objectives. Sustainability is a key element of each of these
material matters, and this is the driving force behind our
long-term progress and success.
Through this process, we have identified the material
matters below which are key components of our business
model and key drivers of our Group’s performance and longterm
What is material is defined as a matter that would impact
our senior management, Board and Board Committees’
decisions, applying several criteria such as:
- the potential economic impact of a matter on the business
and its value over the short, medium and long term;
- our main stakeholders’ concern with a matter and its likely
effect on them; and
- the extent to which a matter is likely to grow in
significance and impact in the future.
Materiality Matrix & Stakeholder Engagement
Pacific Basin engages in active two-way dialogue with our stakeholders – primarily customers, suppliers, employees,
shareholders, financiers, industry associations and regulators. This enables us to map issues that are of greatest importance
to our business and stakeholders, and determine the key matters for discussion in our CSR reporting. In addition to our dayto-day
contact with customers, we conduct regular and in-depth customer and investor surveys that provide insight about
our operations and ways we can improve. We also engage actively with associations that work to influence and respond to
regulations that affect our industry.
We measure and report key performance indicators (KPIs) across our environmental and workplace performance. Through
the reporting of these KPIs and information in our CSR Report, we disclose each element deemed to be of greatest impact
to our business and stakeholders.
We welcome our stakeholders’ feedback on our approach to CSR and the key material matters we discuss in our CSR
reporting. Please refer to the feedback form and contact details